October 28, 2007
HP-649

Statement by Secretary Paulson After Meeting with Smartcard Recipients in Kolkata

Kolkata, India-- U.S. Treasury Secretary Henry M. Paulson, Jr. issued the following statement after a meeting with recipients of smartcards in Kolkata to highlight the importance of financial inclusion and extending the benefits of financial services to more Indian people:

"I just participated in a private sector initiative to bring financial services directly to people in rural India. I commend Financial Information Network and Operations (FINO), ICICI Bank and Grameen Sanchar Society (GRASSO) for their valuable work in bringing financial service tools to people, enabling them to join the economic mainstream. Technology plays an important role here and we saw that first-hand today.

"The Indian government is focused on making sure that the benefits of economic growth are shared throughout the country with all Indian people so that they can access credit, facilitate savings vehicles and obtain insurance. Private sector initiatives such as this are critical to that effort."